Hire Remote Bookkeeper, Accountant , Tax return Preparer or Admin Person
Monthly Bookkeeping, Payroll, Financial Statements or Tax returns for Legal practitioner and Law Representatives
Quality Driven Approach
QuickBooks and Xero Certified Experts
50% Reduction in Costs
Part Time / Full Time Roles For
- CPA Firms
- Enrolled Agents
- Bookkeeping Firms
- Tax Practitioners
Hire Remote Bookkeeper, Accountant , Tax return Preparer or Admin Person
Monthly Bookkeeping, Payroll, Financial Statements or Tax returns for Legal practitioner and Law Representatives
Quality Driven
Approach
QuickBooks and Xero Certified Experts
50% Reduction in
Costs
Part Time/Full Time Resources For
⚪ CPA Firms ⚪ Enrolled Agents ⚪ Bookkeeping Firms ⚪ Tax PractitionersHire Remote Team​
Bookkeeping software expertise
Bookkeeping software expertise
End to End Remote Bookkeeping & Accounting services for Business Owners & Accounting firms
Meru Accounting is a CPA firm providing complete outsource bookkeeping and accounting solutions to CPAs and small & medium-sized businesses across the United States, United Kingdom, Australia, New Zealand, Hongkong, Canada, and European countries.
Bookkeeping Service
Regular Management Accounts for your Business, We serve bookkeeping services for different industries.
Setup Xero/Quickbooks
Set up your accounting software in a day through our checklist, for converting a client from your legacy software to Xero.
Bookkeeping for CPAs
We help CPAs to reduce 50 % of their cost by outsourcing recurring tasks to us, with trust and security.
Payroll
We do Payroll for all countries in all software and comply with all tax formalities of the IRS, HMRC, ATO, etc.
Payable Accounting
Manage your Payables on daily basis, cost-effectively with reduced invoice discrepancies and disputes.
Indirect Tax
We do BAS, VAT, GST101A, Sales Tax, etc. reduce attribution errors and costs, and ensure indirect taxes are handled correctly.
Bookkeeping For Lawyers and Law Firms
Lawyers and law firms don’t have time for bookkeeping and accounting. Neither should devote their time.
Bookkeeping and accounting are critical aspects of any business, including law firms. Accurate financial records and reporting not only ensure compliance with regulatory requirements but also provide valuable insights into the financial health of the business. However, lawyers and law firms often have complex accounting needs, such as trust accounting, which require specialized knowledge and expertise. For legal businesses, it requires them to compile it for various governing bodies. Therefore, we accurately manage our clients’ accounts to help them flourish. We also help our clients with the smooth integration of their online websites with accounting software. In addition, we understand the intricacies of a legal business and understand trust accounting for your legal business. Accounting for lawyers needs a detailed understanding of bookkeeping requirements for lawyers in compliance with various governing bodies.
Outsourcing accounting and bookkeeping tasks to a specialized firm can help law firms save time and resources while ensuring compliance with regulatory requirements and accurate financial reporting. Specialized accounting firms like Meru Accounting can provide tailored solutions to meet the specific needs of law firms, including integration with legal software and expertise in trust accounting.
Ultimately, whether to outsource accounting and bookkeeping tasks or to manage them in-house is a decision that each law firm must make based on its specific needs and circumstances. However, outsourcing can be a viable solution for law firms looking to streamline their accounting processes and free up time and resources for other aspects of their business.
What are receivables in a law firm?
In a law firm, receivables refer to the amount of money owed by clients for legal services provided. This includes fees for hourly billing, flat fees, contingency fees, or other types of legal fees. Receivables are typically recorded as assets on the law firm’s balance sheet and are an essential part of the firm’s cash flow management.
Managing receivables effectively is crucial to maintaining a healthy cash flow for the law firm. The longer it takes for clients to pay their bills, the more strain it puts on the firm’s cash flow. Therefore, it is essential to keep track of client billing and follow up on overdue accounts.
Law firms can use various methods to manage receivables, including:
- Billing practices: The law firm should have clear billing policies that are communicated to clients in advance. The billing process should be transparent and accurate, with detailed invoices that clearly explain the services provided and the fees charged.
- Timely invoicing: Invoicing should be done promptly and accurately, preferably within a few days of completing the work. Delayed invoicing can lead to delayed payments and may harm the cash flow of the firm.
- Payment terms: The law firm should establish clear payment terms with clients, such as net 30 days or net 60 days. Payment terms should be communicated in advance and included in the engagement letter or contract.
- Follow-up on overdue accounts: The law firm should have a process for following up on overdue accounts. This may include sending reminders, making phone calls, or engaging a collections agency if necessary.
- Incentives for early payment: The law firm can offer incentives for clients who pay their bills early, such as a discount or a reduced interest rate.
By managing receivables effectively, law firms can maintain a healthy cash flow, improve profitability, and ensure the financial stability of the firm.
Services offered by Meru Accounting:
What are the important core aspects of accounting in a law firm?
There are several core aspects of accounting in a law firm:
- Trust Accounting: Lawyers are required to keep client funds separate from their own funds in a trust account. Trust accounting involves maintaining accurate records of client funds, including deposits, withdrawals, and interest earned. This includes reconciling bank statements and ensuring compliance with legal and ethical requirements.
- Expense Tracking: Law firms have various expenses, including rent, salaries, office supplies, and advertising. Accurate tracking of expenses helps manage cash flow and ensure profitability.
- Timekeeping: Law firms bill clients based on time spent on a case or project. Accurate timekeeping is crucial to ensure that clients are billed correctly and to track billable hours for each lawyer.
- Income Tracking: Law firms generate income from various sources, including client fees, settlements, and court awards. Accurate tracking of income is essential to determine the profitability of the law firm and prepare accurate tax returns.
- Financial Reporting: Law firms must prepare financial reports, including income statements, balance sheets, and cash flow statements, to monitor their financial performance and comply with regulatory requirements.
- Tax Compliance: Law firms are subject to various tax requirements, including income tax and sales tax. Accurate accounting is crucial to ensure compliance with tax laws and to prepare accurate tax returns.
- Budgeting and Forecasting: Accounting plays a critical role in budgeting and forecasting for a law firm. It provides insights into revenue and expenses, helps identify trends, and supports informed decision-making.
- Profit sharing: Profit sharing among partners is a matter of partnership agreement and should be based on agreed-upon criteria, such as origination credit, working attorney credit, or some combination of the two.
- Compliance with record-keeping laws: Law firms are subject to various legal and ethical requirements related to record-keeping, including client confidentiality and retention of financial records. Accurate accounting is crucial to comply with these requirements.
- Branch accounting: This involves maintaining separate records for each branch of the law firm, including income, expenses, and client trust accounts.
- Staff cost and payroll management: This includes compliance with payroll laws, including withholding taxes, paying salaries, and providing benefits.
Outsourcing accounting services to a specialized accounting firm like Meru Accounting can help law firms focus on their practice and client acquisition while ensuring accurate and compliant accounting practices.
What are Payables in a law firm?
In a law firm, payables refer to the money owed by the firm to its vendors, suppliers, and other service providers. Payables include expenses such as rent, utilities, office supplies, salaries, and benefits for employees, as well as fees paid to external service providers such as consultants, accountants, and IT support.
Managing payables effectively is crucial to maintaining a healthy financial position for the law firm.
Law firms can use various methods to manage payables, including:
- Accurate and timely recording of expenses: All expenses should be recorded accurately and timely in the firm’s accounting system. This ensures that payables are accurately tracked and paid on time.
- Payment terms negotiation: Law firms can negotiate favorable payment terms with their vendors and suppliers, such as longer payment terms, discounts for early payment, or payment plans. Negotiating payment terms can help the law firm manage cash flow and maintain financial stability.
- Payment prioritization: Law firms should prioritize payments based on the importance of the expense and the payment terms negotiated. For example, expenses with shorter payment terms and higher penalties for late payment should be paid first.
- Regular review of payables: Law firms should regularly review their payables to ensure accuracy and to identify any errors or discrepancies. This helps to avoid overpayments, underpayments, or duplicate payments.
- Use of technology: Law firms can use accounting software and other technologies to streamline the payables process, reduce errors, and improve efficiency.
By managing payables effectively, law firms can improve their financial stability, maintain strong vendor relationships, and reduce the risk of financial errors or fraud.
Why choose Meru Accounting for lawyers and law firms?
Meru Accounting is a specialized accounting firm that provides tailored bookkeeping and accounting services to law firms. Â
Here are some reasons why law firms should consider choosing Meru Accounting:
- Expertise in legal accounting: Meru Accounting has a team of experienced and skilled accountants who are well-versed in the intricacies of legal accounting. They understand the unique accounting needs of law firms, including trust accounting, receivables accounting, payables accounting, and compliance with regulations.
- Customized accounting solutions: Meru Accounting provides customized accounting solutions to meet the specific needs of each law firm. They work closely with their clients to understand their business and accounting requirements and provide tailored solutions that fit their needs.
- Integration with legal software: Meru Accounting has expertise in integrating accounting systems with legal software such as Clio and Leap. This ensures that accounting processes are streamlined, efficient, and accurate.
- Cost-effective services: Meru Accounting offers cost-effective accounting services to law firms, helping them save on the cost of hiring in-house accounting personnel. They offer flexible pricing plans based on the needs of each client, and their services are scalable to accommodate the growth of the law firm.
- Quality and accuracy: Meru Accounting prioritizes quality and accuracy in their accounting services. They ensure that all financial records are accurate, up-to-date, and compliant with regulations, giving law firms peace of mind knowing that their financials are in good hands.
In Conclusion:
Meru Accounting is a reliable and trustworthy accounting firm that specializes in meeting the unique accounting needs of law firms. Our expertise, customized solutions, integration with legal software, cost-effective services, and commitment to quality make us a top choice for law firms looking for accounting services.
Hiring Virtual Accountant With Meru Accounting
Meru Accounting provides world-class services that cater to all the needs of cloud accounting and bookkeeping of your business.
We work on the best accounting software like Xero and Quickbooks, as well as add-ons that will make sure all your work is up-to-date.
Help you with switching from your traditional software to Xero and Quickbooks.
We also manage VAT, BAS, Sales Tax and Indirect taxes for you so you are always ready at the end of the financial year.
- Cost-saving
- Access to skilled and experienced professionals
- Better management of books of accounts
- Decreased chances of errors
- Improve business efficiency
- De-burdens in-office employee’s dependency
- Better turnaround time
We work on virtual technologies like Team Viewer, Virtual Private Network (VPN) to share and access data from your system.
You have to share your accounting software login details.
Through that, we complete all of your work and update it on the cloud, so you can have access to your data from anywhere and at any time.
- Cyberoam Firewall to prevent any kind of foreign threat.
- Dual-step authentication
- Implement anti-virus
- Limit user access so that login details are with a few people.
- Xero
- Quickbooks
- Netsuite
- Saasu
- Wave
- Odoo
To book for trial, call us on our numbers or Please fill out the form here.
Our Work Information
Business Activity Statement is a predefined form to be submitted to the Australian Tax office by all the business persons in order to report on their all the tax obligations during the period covered.
BAS is generally required to be filed quarterly by various businesses.
Individual Business Owners
No , its not mandatory that it should be prepared by only CPA or EA. It can be prepared by anyone who has PTIN.
Construction Industry
Real Estate Industry
Lawyers
Advertising & Marketing Industry
Physicians Doctors Physiotherapist Dentist
Pharma
Online/ ECommerce
Nonprofit Organizations
Franchise Business
Amazon Sellers
Rental Business
Mining Industry
Manufacturing Industry
Information Technology & SAAS Based Companies
Age Care/ Health Care/ Spa & Saloons
Logistics, Transportation & Trucking
Travel, Tourism & Entertainment Industry
Trading /Brokers
Power & Infrastructure
Wholsale & Retail Industry
Gems & Jewelry Retailer & Exporter
Education
Brick & Mortar Industry
Professional Training Business
Consultancy Business
Aerospace Industry
Financial Services
Energy
Restaurant & Hotel Business
Professional Services
